Practice the questions given in the worksheet on compound interest when interest is compounded half-yearly.
When the interest is compounded half-yearly (two times is a year) the,
A = P(1 + \(\frac{r}{2 × 100}\))\(^{n × 2}\)
i.e., the rate percent is divided by 2 and the number of years is multiplied by 2.
1. Find the compound interest and the amount on $ 4,000 at 4% per annum for 1 year when interest is compounded half-yearly.
2. Calculate the amount when sum of $ 4,800 is invested at 8% per annum for 4 years, the compound interest being compounded half-yearly.
Do not use mathematical tables. Use the necessary information from the following:
(1.08)\(^{4}\) = 1.3605; (1.04)\(^{8}\) = 1.3686
(1.08)\(^{8}\) = 1.8509; (1.04)\(^{4}\) = 1.1699
3. Calculate the compound interest at 8% per annum, compounded half-yearly, on $ 3,000 for 1\(\frac{1}{2}\) years.
4. Find the difference between the compound interest compounded yearly and half-yearly on $ 10,000 for 18 months at 10% per annum.
5. Find the compound interest and the amount on $ 5,000 at the annual interest rate of 8% for 2 years 6 months.
6. A man invests 4 10,000 in a bank for 1 ½ years at the interest rate of 7\(\frac{1}{2}\)% per annum, compounded annually. Find the amount he will receive at the end of the period.
7. Calculate the compound interest on $ 60,000 for 1 year, at 8% per annum, compounded half-yearly.
8. In what time will a sum of $ 8,000 become $ 9,261 at the interest rate of 10% per annum if the interest is compounded six-monthly?
9. At 4% per annum, find the compound interest on a certain sum of money for 1 year, compounded six-monthly, when the simple interest on this sum of money for 2 years at the rate of interest 4% per annum is $ 450.
10. Calculate the compound interest on $ 3500 at 6% per annum for 3 years, the interest being compounded half-yearly.
Do not use mathematical tables. Use the necessary information from the following:
(1.06)\(^{3}\) = 1.191016; (1.03)\(^{3}\) = 1.092727
(1.06)\(^{6}\) = 1.418519; (1.03)\(^{6}\) = 1.194052
Answers for the worksheet on compound interest when interest is compounded half-yearly are given below.
Answers:
1. $ 161.60, $ 4161.60
2. $ 6,569.28
3. $ 374.60
4.$ 26.25
5. $ 1,065.28, $ 6,065.28
6. $ 11,153.13
7. $ 4896
8. 1\(\frac{1}{2}\) years.
9. $ 227.25
10. $ 679.18
● Compound Interest
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Compound Interest with Periodic Deductions
Compound Interest by Using Formula
Compound Interest when Interest is Compounded Yearly
Compound Interest when Interest is Compounded Half-Yearly
Compound Interest when Interest is Compounded Quarterly
Variable Rate of Compound Interest
Difference of Compound Interest and Simple Interest
Practice Test on Compound Interest
● Compound Interest - Worksheet
Worksheet on Compound Interest
Worksheet on Compound Interest with Growing Principal
Worksheet on Compound Interest with Periodic Deductions
Worksheet on Difference of Compound Interest and Simple Interest
8th Grade Math Practice
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